Saturday, 6 May 2017

Some recent updates that you would not like to miss – 06.05.2017

1.  SEBI has taken the first major step towards development of the commodity derivatives market by approving introduction of options contracts since taking

2.  over the market's regulation in September 2015.

3.  Where revenue urged that assesses company received share application money from bogus shareholders, it was for revenue to proceed by reopening assessment of such shareholders and assessing them to tax and not to add same to assessee's income as unexplained cash credit. Proviso to Sec 68  [2017] 80 272 (Bombay HC).

4.  Date of filing of DVAT Return in Form 16, 17 & 48 for Q4, 2016-17 has been extended upto 15.05.2017 vide Circular No. 2 dated 28.04.2017.

5.  Under GST every registered person to keep in physical /electronic form, books of account at Principal & EVERY related place of business mentioned in his RC.

6.  Meeting of creditors could be dispensed with if maximum no. of creditors gave their consent to amalgamation scheme. [2017] 80 307 (NCLT - Bang.).

7.  Govt. has notified section 234 of the Companies Act, 2013 which provides for mergers and amalgamations between an Indian Company and a foreign company and vice versa. RBI has also inserted Rule 25A[2] to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.

8.  CBDT has decided that the restriction on cash transaction u/s 269ST shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank.

9.  Lease deed, power bill etc may be needed for claiming HRA rebate as producing fake property rent receipt, often from parents and relatives, has been an easy way to lower tax burden.

10. Under GST SEZ Unit or Developer to take separate registration even if another unit of entity outside SEZ already has separate registration in same state.

11. Supreme Court has ruled that the circulars issued by the Securities and Exchange Board of India (SEBI) cannot be challenged before the Securities and Appellate Tribunal (SAT).

12.  From 1st july onwords Aadhar No. is compulsory document for pan card and income tax return filling.

Have a great day ahead!

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